Nifty outlook and top trading ideas from Prabhudas Lilladher for today
Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher: NIFTY VIEW Nifty has bounced back from the low of 10,420 making a higher bottom formation pattern in the daily chart but needs to confirm the continuation of the rally only after it breach the levels of 10,650 decisively. BUY YES BANK CMP: Rs 339.40 TARGET: Rs 370 STOP LOSS: Rs 325 The stock has given a short correction from the peak of 369 to bottom out at around 325 levels and taking support at the significant 200 DMA levels it has made the chart look attractive to anticipate a bounce from here on. With the positive bullish candle pattern formed in the daily chart and also with the RSI indicator showing a trend reversal to signal a buy, the stock is poised for further rise from here on and the risk reward ratio has become favourable. We recommend a buy in this stock for an upside target of 370 keeping a stop loss of 325.